Tradepoint Atlantic made good progress in 2018
The biggest news for Tradepoint Atlantic came at the end of the year when the Baltimore County Council voted in December to approve $78 million for the redevelopment of infrastructure on the TPA property.
Originally, Tradepoint requested $150 million for tax increment financing (TIF) last summer but was redirected to enhance the benefits of the community through the public infrastructure agreement.
Rather that use a TIF, which would earmark funds paid by Tradepoint to pay for infrastructure, the county will reimburse TPA for the work through several different county funds.
Out of the $78 million, $44 million will be used for water and sewer arrangements which will be completed through construction contracts from the Department of Public Works.
The remaining $34 million is designated for roads, paid back from the state through the Enterprise Zone credit that doesn’t touch current taxes, according to Tradepoint officials.
Earlier in the year, Tradepoint Atlantic held an open house in April and offered updates on three projects, two of which were already complete.
A one-million square foot spec building, that was started a few years back, was completed and Tradepoint was waiting on a tenant for the building.
By early May, Tradepoint anticipated that the two-building port logistics center, totaling 350,000 feet, would be completed along with the new Amazon warehouse.
Plans to upgrade site port facilities and spend millions to do so, were discussed.
Tradepoint also produced plans for the arrival of Royal Farms and the Maryland Transit Administration to create a bus route leading to the site.
Along with creating 3,500 fulltime jobs, Tradepoint planned on targeting 14 million square feet of new construction over the next few years.
Two projects were announced: the Tin Mill Canal and planned maintenance dredging. The Tin Mill Canal and dredging projects were deemed crucial to the expansion of Tradepoint.
Despite negative feedback from community members who feared the dredging would have a bad impact on the area, Tradepoint moved forward with the clean-up.
In September, TPA celebrated the remediation of the tin mill canal.
During the celebration, TPA officials stated that they’ve successfully redeveloped 500 acres of the 3,250 acre land, investing close to one billion dollars, and along with other tenants brought back over 2,000 jobs.
Due to the tin mill canal clean-up, many blue-chip companies and employers are more confident about coming to Sparrows point, according to Tradepoint officials.
Upon purchase of the property, Tradepoint had committed to the federal government, the state, United States Environmental Protection Agency, Maryland Department of the Environment and community members that they would clean-up and revitalize Sparrows Point and they’ve made great progress on those commitments, according to company officials.
High Road School students volunteered at a food drive at Tradepoint Atlantic oin November.